(Washington, DC) – This week, U.S. Senator Richard Blumenthal (D-Conn.) joined his Senate colleague Jeanne Shaheen (D-N.H.) in introducing legislation to expand and improve the Export-Import Bank to help small businesses sell their products overseas. The Promoting U.S. Jobs through Exports Act of 2015 would provide long term certainty for small businesses by extending the Export-Import Bank through 2022, continuing the bank’s ability to provide businesses with tools they need to compete in the global marketplace and create American jobs.
“The Export-Import Bank works for Connecticut: in the past three years alone, it has supported two billion dollars in exports by more than 60 exporters across the state. For countless Connecticut manufacturers and small-business owners, the Export-Import Bank is expanding markets abroad and creating growth opportunities at home,” said Blumenthal. “Even if these businesses are not themselves exporters, they benefit from Ex-Im support when the products they manufacture are bought by larger exporters. I look forward to working with my colleagues to reauthorize this crucial program, create jobs in Connecticut, and strengthen our economy.”
“Boosting export opportunities for our businesses helps strengthen our economy and creates jobs here at home,” Shaheen said. “The Export-Import Bank has successfully assisted countless businesses in New Hampshire and across the country reach new customers around the world. We ought to do everything we can to support their ongoing efforts and moving quickly on my bill is the best way forward.”
In addition to extending the Export-Import Bank for seven years, the Promoting U.S. Jobs through Exports Act of 2015 would increase the Bank’s lending cap by $20 billion over that period, contingent on the Bank’s default rate remaining below two percent. It would also increase the Bank’s loans to small businesses by five percent. Blumenthal and Shaheen have consistently worked to aid small companies in reaching foreign customers and have been strong supporters of the Export-Import Bank, helping secure its reauthorization in 2012.
In 2011 alone, the Export-Import Bank supported an estimated 288,000 American jobs at more than 3,600 U.S. companies and facilitated $41 billion in exports. The bank pays for itself through the fees it collects and is projected to actually reduce the federal deficit by $900 million over five years, according to the non-partisan Congressional Budget Office.
Joining Blumenthal and Shaheen in co-sponsoring the Promoting U.S. Jobs through Exports Act of 2015 are Senators Dianne Feinstein (D-CA), Barbara Boxer (D-CA), Cory Booker (D-NJ) and Tom Udall (D-NM).